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298m of 0.44% Copper Expands Higher Grade Zone at Poplar Project
Lions Gate Metals Inc.: 298m of 0.44% Copper Expands Higher Grade Zone at Poplar Project, BC
4/13/2011 12:14:45 PM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Apr 13, 2011 (MARKETWIRE via COMTEX News Network) --
Lions Gate Metals Inc. (TSX VENTURE: LGM) ("Lions Gate" or the "Company") is pleased to announce the results of Holes 11-PC-88 (Hole 5) and 11-PC-89 (Hole 6) of its 2011 drilling program at the 100% owned Poplar Project.
Hole 11-PC-88 was drilled at an azimuth of 0 degrees and at a -75 degrees inclination, and was collared approximately 200m south of Holes 11-PC-86 and 87 (News Release dated April 5, 2011). The hole is mineralized over the entire length, and ended in mineralization. The mineralization remains open to depth.
5.79m to 502.00m (End of Hole); 496.21m @ 0.35% Cu, 0.10 g/t Au, 0.015% Mo
Including;
23.79m to 322.00m; 298.21m @ 0.44% Cu, 0.13 g/t Au, 0.022% Mo
The 298.21m interval grading 0.44% Copper and 0.13 g/t Gold encountered in Hole 11-PC-88 is similar in grade and geology to the intersection of 220.95m grading 0.44% Copper and 0.11 g/t Gold in Hole 11-PC-86 (News Release dated April 5, 2011). This latest intersections has confirmed that a previously unrecognized higher grade zone of mineralization is present in the Poplar Deposit. It is significant that the higher grade zones in Holes 11-PC-86 and 88 starts at the overburden-bedrock interface, and are open in all directions. Additional diamond drilling is required to further define this zone.
Hole 11-PC-89 was collared approximately 200m northwest of Hole 11-PC-87, and was drilled at an azimuth of 270 degrees and at a -70 degrees inclination to a total depth of 401.42 m. Hole 11-PC-89 was mineralized throughout with the best interval assaying 0.16% Copper, 0.04 g/t Gold and 1.18 g/t Silver, over 126 m (from 7.92 m to 133.92 m).
Lions Gate management is highly encouraged by these results, which along with the balance of the 2010/2011 drill results will be used to prepare an updated NI 43-101 compliance resource estimate. The updated resource estimate will be released after the completion of the drill program. Lions Gate is also encouraged by the potential for a higher grade, near surface zone within the Poplar Deposit. The Company is well funded, having recently raised $6 million (News Releases dated March 4, 2011 and March 8, 2011), and will be planning a second phase of diamond drilling at Poplar when all the drill results have been received.
Lions Gate CEO Arni Johannson stated, "We are pleased that the drill results continue to expand the zone of higher grade mineralization within the previously defined Poplar deposit and look forward to receiving the balance of the results from the current drilling program."
About Lions Gate Metals
Lions Gate is a Canadian based, junior resource company focused on the exploration, development, and acquisition of both advanced and early stage Copper projects. LGM owns 100% of three substantial copper and molybdenum projects located in British Columbia. LGM's flagship project is the Poplar porphyry copper - molybdenum deposit near Houston, BC. The Huckleberry Mine, located approximately 35 kilometres southwest of the Poplar Deposit, produces copper and molybdenum from a deposit of similar age and setting.
Andrew Gourlay P. Geol., Vice President Exploration is a Qualified Person under NI 43-101 and has reviewed and approved the contents of this news release.
Sincerely on behalf of the Board of Directors,
Arni Johannson, CEO and Chairman of the Board
Lions Gate Metals Inc.
Lions Gate Metals Inc. is a Canadian based, junior resource company focused on the exploration, development, and acquisition of both advanced and early stage mineral projects.
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Lions Gate Metals Intersects New Zone Of 0.74% Copper Equivalent Over 179.17 Metres At Poplar Project
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Vancouver, BC Canada, December 15, 2011 -- Lions Gate Metals Inc. (TSX-V: LGM) ("Lions Gate" or the "Company")is pleased to announce assay results from four (4) more holes from the recently completed twenty nine (29) hole, 10,913.93 metre diamond drill program at the Poplar Project.
Hole 11-PC-99 drilled the central part of the main mineralized zone and tested the extension of the mineralization intersected in Hole 11-PC-88 (See News Release dated April 13, 2011). Holes 11-PC-98, 100 and 101 were drilled approximately 100 metres apart along an east-west fence on the southern side of the main zone of mineralization.
Results are as follows
Hole 11-PC-98
From To Width Cu% Mo% Au g/t Ag g/t Cu Eq%
3.16 453.24 450.08 0.06 0.00 0.01 0.87 0.09
Including;
108.27 308.10 199.83 0.09 0.00 0.02 0.75 0.13
170.08 308.10 138.02 0.10 0.01 0.02 0.85 0.14
Hole 11-PC-99
From To Width Cu% Mo% Au g/t Ag g/t Cu Eq%
53.60 502.01 448.41 0.34 0.02 0.11 2.12 0.53
Including;
53.60 414.59 360.99 0.37 0.02 0.12 2.32 0.60
235.42 413.59 179.17 0.46 0.03 0.18 3.04 0.74
Hole 11-PC-100
From To Width Cu% Mo% Au g/t Ag g/t Cu Eq%
7.27 553.82 546.55 0.09 0.01 0.02 1.61 0.16
Including;
146.12 303.62 157.50 0.13 0.01 0.03 2.60 0.21
194.39 254.89 60.50 0.19 0.01 0.05 2.79 0.29
368.65 401.77 33.12 0.14 0.01 0.03 7.26 0.29
479.97 553.82 73.85 0.18 0.02 0.05 0.96 0.33
Hole 11-PC-101
From To Width Cu% Mo% Au g/t Ag g/t Cu Eq%
2.66 502.01 499.35 0.04 0.00 0.01 0.57 0.06
Including;
154.95 351.35 196.40 0.07 0.00 0.02 0.96 0.10
154.95 291.35 136.40 0.08 0.00 0.02 1.24 0.12
Peter Ogryzlo, M.Sc., P.Geo., technical advisor to Lions Gate Metals states: "Diamond drill hole 11-PC-99 represents the longest continuously mineralized intersection from the Poplar Deposit since drilling began in 1974. The 0.74% copper equivalent grade over 179.17 metres is the highest grade intercept of this length reported from Poplar. The mineralization in this hole and in the lower portions of 11-PC-97 (See News Release dated December 6, 2011) have intersected a zone of high grade mineralization at depth which has not been previously tested. "
Copper Equivalent (Cu Eq) calculations were based on equivalency factors of CuEq% = Cu% x 1,, Au (CuEq%) = Au g/t x 0.57291667, Ag (CuEq%) = Ag g/t x0.01041667, and metal prices of Cu $2.80/lb, Mo $16.00/lb, Au $1100/troy oz., Ag $20/troy oz. The equivalency factor for molybdenum is Mo (CuEq%) = Mo% x 5.71428571 However, the molybdenum values intersected in 11-PC-104 may not be recoverable, and are not used in the calculation of copper equivalent grade. Metal recoveries are not used, as metallurgical studies are incomplete.
The 100% owned Poplar Project has a NI 43-101 compliant resource of 245 million tonnes grading 0.27% copper, containing 1.4 billion pounds of copper, at a 0.15% copper cut-off. This resource estimate was prepared by Giroux Consultants Limited (News Release dated August 23, 2011), and was based on 105 historical drill holes and 13 diamond drill holes, totaling 5,569m, completed by Lions Gate in the spring of 2011. The Phase 2 drill program will provide enough data for an estimate of gold and silver grades, in addition to copper and molybdenum grades. An updated resource estimate is anticipated in the spring of 2012when all results from the Phase 2 drilling have been received and compiled.
2011 Milestones
Completed a National Instrument 43-101 compliant resource calculation.
Completed over 16,000 metres of drilling at costs below $200 per metre.
Improved our corporate governance practices to include a fully independent audit committee.
Filed an Annual Information Form ("AIF") which will enhance capital market access.
Negotiated Option to earn 75% of ROK-Coyote.
Completed further exploration at ROK-Coyote and Poplar regional targets.
2012 Goals
Publish an updated National Instrument 43-101 Resource Estimate.
Continue drilling to expand and enhance the Poplar Project.
Continue exploration of the Polar Regional targets to include geophysics and drill targeting.
Drill target location and possible drilling at ROK-Coyote.
About Lions Gate Metals
Lions Gate is a Canadian based, junior resource company focused on the exploration, development, and acquisition of Copper projects. LGM owns five substantial projects in British Columbia. LGM's 100% owned flagship project is the Poplar porphyry copper - gold deposit near Houston, BC. The Huckleberry Mine, located approximately 35 kilometres southwest of the Poplar Deposit, produces copper and molybdenum from a deposit of similar age and setting. In 2011, LGM optioned the right to acquire 75% of the ROK-Coyote project near Iskut, BC which sits adjacent to Imperial Metals' Red Chris Project. These 2 projects are the main focus of LGM's 2012 Exploration Program.
Andrew Gourlay P. Geol., Vice President Exploration is a Qualified Person under NI 43-101 and has reviewed and approved the contents of this news releaseSincerely on behalf of the Board of Directors,
"Arni Johannson"
Arni Johannson
CEO and Chairman of the Board
Lions Gate Metals Inc.
http://www.lionsgatemetals.com/s/...-Copper-Equivalent-Over-179.17...
| ar 30/12 | Mar 30/12 | Sarjeant, Paul Thomson | Direct Ownership | Common Shares | 10 - Acquisition in the public market | 4,500 | .620 |
Mar 27/12 | Mar 27/12 | Johannson, Arni Thomas | Direct Ownership | Common Shares | 10 - Acquisition in the public market | 12,000 | .620 |
| Mar 27/12 | Mar 27/12 | Johannson, Arni Thomas | Direct Ownership | Common Shares | 10 - Acquisition in the public market | 2,000 | .610 |
| Mar 28/12 | Mar 26/12 | Sarjeant, Paul Thomson | Direct Ownership | Common Shares | 10 - Acquisition in the public market | 8,500 | .630 |
| Mar 27/12 | Mar 26/12 | Johannson, Arni Thomas | Direct Ownership | Common Shares | 10 - Acquisition in the public market | 23,000 | .610 |
| Mar 27/12 | Mar 23/12 | Johannson, Arni Thomas | Direct Ownership | Common Shares | 10 - Acquisition in the public market | 10,000 | .630 |
| Mar 27/12 | Mar 23/12 | Johannson, Arni Thomas | Direct Ownership | Common Shares | 10 - Acquisition in the public market | 6,500 | .600 |
| Mar 27/12 | Mar 23/12 | Johannson, Arni Thomas | Direct Ownership | Common Shares | 10 - Acquisition in the public market |
Lions Gate Metals Files New NI43-101 Mineral Resource Update on Poplar Deposit to SEDAR; Plans Spring/Summer Drill Program to Further Expand Poplar & Regional Cu, Au and Ag Tonnage and Grade
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 5, 2012) - Lions Gate Metals Inc. (TSX VENTURE:LGM) ("Lions Gate" or the "Company") is very pleased to announce the SEDAR filing today, of a new 2012 Mineral Resource Update NI43-101 Report (the "Report") for the Poplar Deposit. The 2012 Mineral Resource Update on the Poplar Deposit, Omenica Mining Division, British Columbia, dated March 30, 2012 and authored by G.H. Giroux, MASc., P. Eng., of Giroux Consultants Ltd., can be viewed in its entirety on SEDAR or downloaded from the Company's website.
The Report focuses on Lions Gate's Phase Two drilling program on the Poplar Property (the "Property"). Highlights of the Report include a marked increase in the size of the mineralized resource (contained copper metal increased by 47 percent), and the first inclusion of precious metals in estimation of the Poplar resource. At a 0.15% Cu cut-off, the Property has a new Indicated Resource of 171.3 million tonnes grading 0.28% Cu (1.06 billion pounds), 0.008% Mo, 0.08 g/t Au and 2.30 g/t Ag (0.40% CuEq), plus an Inferred Resource of 209.0 million tonnes grading 0.23% Cu (1.06 billion pounds), 0.004% Mo, 0.06 g/t Au and 3.62 g/t Ag (0.33% CuEq) as reported February 27, 2012. Sample density is now sufficient that a significant portion of the resource has been upgraded from the Inferred to Indicated category.
Recommendations from the Report include drilling of holes dedicated to collecting samples for metallurgical testing, and re-drilling of holes selected from the historical drilling to confirm copper and molybdenum grades. The re-drilled (or twinned) holes will also provide greater sample density for gold and silver analyses. Additional holes will also be dedicated to further upgrading of resources from Inferred to Indicated and Measured categories, and to expanding the deposit laterally and at depth. The goal of this work is to provide Lions Gate with a mineralized resource that may be converted into a reportable Mineral Reserve.
"Company geologists have steadily built the Poplar Resource over the past year. The increased drill density and the geological model have increased the resource both in size and grade, particularly through the construction of precious metal models, and in removal of dilution from the estimates," says Senior Technical Consultant, Peter L. Ogryzlo, M.Sc., P.Geo.
"The inclusion of gold and silver estimates in the resource is of sufficient importance to reclassify the deposit from a copper-molybdenum porphyry to a copper-gold-silver porphyry. In addition, by converting a portion of the resource into the Indicated category, the Company is now in a position to define a Mineral Reserve, as outlined in the proposed work program of the Report. Lions Gate hopes to increase confidence in their estimates by converting more of their Inferred Resources into Indicated and Measured. Metallurgical testing of the deposit beyond the historical work is also a necessary component in converting the Poplar Resource into a Mineral Reserve."
Company President and CEO, Paul Sarjeant, B.Sc., P.Geo., confirms that 2012 should be an exciting year for shareholders. "We are of course thrilled that the Report reflects our confidence in the Poplar deposit and its near and long-term potential. The untold chapters of the expansive 77,705 hectare Poplar story remain the eight other high-potential copper-gold porphyry regional targets on the Property. We are very anxious to get on the ground as early as possible this spring/summer to undertake early stage exploration on regional targets, culminating ultimately, in first pass drilling of the best targets. In addition, early this summer, we plan to undertake basic geological mapping, sampling and a deep IP geophysical survey on our 6,900 hectare ROK Coyote copper-gold project contiguous to Imperial Metals' Red Chris copper-gold property in northwest British Columbia. We hope to see diamond drilling there as well, before the snow comes."
The recommended $1.1 million Phase One (2012) Poplar Deposit program comprises metallurgical testing of the deposit and verification and upgrade of historic data by re-drilling 10 holes to 300 metre depths in the Main and East Zones. Subject to anticipated positive results, a Phase Two program of diamond drilling is recommended in follow-up. That program and associated funding requirements is outlined in the Report.
About the Property
Lions Gate Metals Inc. has a 100% interest in the 77,705 hectare, 196 claim Poplar Copper-Gold-Silver Porphyry Property located in western-central British Columbia, Canada, approximately 35 kilometres northeast of the Huckleberry copper-molybdenum mine, between Huckleberry and the mining resource town of Houston. The Huckleberry Mine is operated by the Imperial Metals led consortium named Huckleberry Mines Ltd. The Poplar Deposit on the Property has an NI 43-101 compliant Indicated Resource of 171.3 million tonnes grading 0.28% Cu, 0.008% Mo, 0.08 g/t Au and 2.30 g/t Ag (0.40% CuEq), plus an Inferred Resource of 209.0 million tonnes grading 0.23% Cu, 0.004% Mo, 0.06 g/t Au and 3.62 g/t Ag (0.33% CuEq).
Additional diamond drilling is planned to further define and upgrade this resource. Near-surface mineralization and significant gold and silver presence are Poplar Deposit highlights. Eight other regional copper-gold porphyry targets have been identified on the Property.
About ROK Coyote
Lions Gate Metals Inc. is earning into a 75% interest in the 6,900 hectare, 19 claim ROK-Coyote copper-gold project adjacent to Imperial Metals' Red Chris project which has reported, measured an indicated reserves of 446.1 million tonnes at 0.36% Cu and 0.29% g/t Au, plus inferred resources of 268.7 million tonnes grading 0.30% Cu and 0.27 g/t Au. The Company considers ROK Coyote to be one of BC's most highly prospective copper-gold alkalic porphyry targets amenable to pit and bulk underground mining.
About Lions Gate Metals
Lions Gate Metals Inc. is a Canadian based, junior resource company focused on the exploration, development, and acquisition of copper and copper-focused multi-mineral projects. The Company boasts one of the largest consolidated property portfolios of any Canadian junior resource company, including the 77,705 hectare Poplar copper-gold-silver porphyry property located 35km northeast of the Huckleberry mine operated by Imperial Metals Corp (proven/probable 39.7 million tonnes grading 0.343% copper: aggregate production to Dec 31, 2010 approximately 870.0 million pounds copper, 8.0 million pounds molybdenum, 105,000 ounces gold and 3.4 million ounces silver) in west-central British Columbia, and the 6,900 hectare ROK-Coyote copper-gold porphyry property contiguous with Imperial Metal's Red Chris copper-gold project in northwestern British Columbia. Poplar and ROK-Coyote are the primary focus of the 2012 Exploration Program.